The Central Board of Direct Taxes has decided to fast track all applications made by Voluntary Organisations/Trusts seeking approval u/s 11(1)(C) of the Income Tax Act, 1961 for rendering help to the victims of earthquake in Nepal. Approval under this section is required by the charitable institutions for application of their income outside India to promote international welfare.
Press Note No. 5 (2015 series), Dated 27th April, 2015 Initial validity of Industrial License for Defence Sector is being revised to seven years, further extendable upto three years for existing as well as future Licenses. This is being done as a measure to further promote ease of doing business, in view of the long gestation period of Defence Contracts to mature.
It has come to the notice of the Board that several Foreign Institutional Investors receiving income from transactions in securities claim such income as exempt from tax under the Income Tax Act, 1961(‘the Act’) by availing benefit provided in the Double Taxation Avoidance Agreements(‘DTAAs’) signed between India and their respective countries of residence.
Press Note No. 4 (2015 Series) Subject: Policy on foreign investment in the Pension Sector- addition of paragraph 6.2.17.9 of ‘Consolidated FDI Policy Circular of 2014-‘
Some unlisted companies are luring retail investors by issuing securities including non convertible debentures/ non convertible preference shares in the garb of private placement, without complying with the provisions of Companies Act, 1956 read with the Companies Act, 2013, SEBI (Issue and Listing of Debt Securities), Regulations, 2008 and SEBI (Issue and Listing of Non Convertible Redeemable Preference Shares),Regulations, 2013.
It has come to the notice of the Reserve Bank of India that an app (application) is doing rounds on What’s App purportedly to facilitate checking of balance in customers’ bank accounts. The application has an RBI logo with the title ‘All Bank Balance Enquiry No’ and has listed several banks with either a mobile number or call centre number.
NBFCs should constitute Grievance Redressal Machinery as contained in RBI’s circular on Grievance Redressal Mechanism vide DNBS. CC. PD. No. 320/03. 10. 01/2012-13 dated February 18, 2013 and give wide publicity about it through electronic and print media. The name and contact number of designated grievance redressal officer of the NBFC should be made known and widely publicised. The designated officer should ensure that genuine grievances of customers are redressed promptly without involving delay. It should be clearly indicated that NBFCs’ Grievance Redressal Machinery will also deal with the issue relating to services provided by the outsourced agency.
SEBI Board after deliberations decided to remove the above restrictions for managing offshore funds, belonging to Category I FPIs and appropriately regulated broad based Category II FPIs, by local fund manager who is managing a domestic scheme.
INTRODUCTION OF THE UNDISCLOSED FOREIGN INCOME AND ASSETS (IMPOSITION OF TAX) BILL, 2015- The Finance Minister, in his budget speech, while acknowledging the limitations under the existing law, had conveyed the considered decision of the Government to enact a comprehensive new law on black money to specifically deal with black money stashed away abroad. He also promised to introduce the new Bill in the current Session of the Parliament.
Whether FDI can be brought if the minimum capitalization was not completed within the period of six months of the commencement of the project? No new FDI can be brought in the project if the minimum capitalization of US $ 5 million has not been achieved within six months of commencement of the project. If such minimum capitalization was achieved, FDI can be brought in till the period of 10 years or the completion of the project, whichever is earlier.
